Morgan and Kristen formed an equal partnership on August 1 of the   current year. Morgan contributed $60,000 cash and land with a basis of   $18,000 and a fair market value of $40,000. Kristen contributed equipment   with a basis of $42,000 and a value of $100,000. Calculate Morgan and Kristen’s basis

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 29P
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Ma1.

Morgan and Kristen formed an equal partnership on August 1 of the

 

current year. Morgan contributed $60,000 cash and land with a basis of

 

$18,000 and a fair market value of $40,000. Kristen contributed equipment

 

with a basis of $42,000 and a value of $100,000. Calculate Morgan and Kristen’s basis in the property.

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